Toyota's Electrification Pledge: Plans Full EV Option By 2025-End In US; 2023 US Sales Surge 6.6%

Toyota Motor Corporation TM reported year-end 2023 U.S. sales of nearly 2.25 million vehicles, an increase of 6.6% year over year on a volume basis.

The company said that 2023 net sales also marked an increase of 7% on a daily selling rate (DSR) basis.

For Q4, Toyota Motor reported U.S. sales of 619,661 vehicles, an increase of 15.4% Y/Y on a volume basis and an increase of 18.5% Y/Y on a DSR basis.

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"Our teams are busy preparing for an outstanding 2024 to bring 22 new, refreshed or special edition vehicles to showrooms, including sedans and more electrified options to satisfy strong customer demand," said Jack Hollis, executive vice president, Sales, TMNA.

For December, the company's U.S. sales totaled 226,116 vehicles, an increase of 25.5% Y/Y on a volume basis and an increase of 30.3% Y/Y on a DSR basis.

December truck division sales were up 19.3% on a volume basis in the Toyota division and jumped 120.8% in the Lexus division. 

Last month's electrified vehicle sales up 59.4% on a volume basis in the Toyota division, while it jumped 97% on a volume basis in the Lexus division.

"By the end of 2025, we plan to have an electrified option available for every Toyota and Lexus vehicle in the U.S," Hollis added.

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Price Action: TM shares are trading higher by 0.28% to $181.87 on the last check Wednesday.

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